Contents
- Headlines
- Forecasting Tengah Town
- Is $1m HDB Becoming Ehe Norm?
- Predicting HDB Resale Prices
- Visualizations
- Remaking Our Heartland
- Relationship Between POI and Resale Price
- Why Prices Drastically Increase From 2007 Onwards
- Value Comparison Between Mature Towns And Non-Mature Towns
- Does Premium/Non-standard HDBs account for high resale value?
- Compare HDB Median Resale Price Per Town
Headlines
The R Markdown report will comprehensively cover the aspects of HDB Resale Prices from the early 90s to the current year. Through analysis of the dataset, we will produce quality and informative insights, graphs accompanying the insights as well as a predictive model. We hope that through this document, it will aid users in their decision making process and other general purposes.
Will Tengah Property Prices See The Same Rise As Punggol?
When Punggol was first unveiled 1996 by former Prime Minister, Goh Chok Tong, there was a vision to make it the Waterfront Town in the 21st Century. Located in the northeast region of Singapore, bordered by the Singapore shoreline as as well as the Strait of Johor, there was an ambitious plan to transform the old village of Punggol into a waterfront town with residential housing occupying along the rivers and coastal areas.
Subsequently in 2007, Punggol was selected as one of the pilot towns under the Remaking Our Heartland (ROH) programme. It included a master plan to further realise the vision of Punggol as a waterfront town. One of the plan includes a man-made waterway that goes through the town, bringing in opportunities for authentic waterfront living and exciting water-based activities.
Come 2017, just 10 years after the ROH programme was introduced, prices have skyrocketted to nearly $900,000. This mark a new milestone in the HDB resale market for the suburban town in the region.
The table above shows the changes in average resale prices of Punggol from 2007 to 2017 and per flat type from 2 Room flats to Executive flats. Due to Punggol’s early age, the resale value of 2 Room flats and 3 Room flats is not available until 2015.
From the table we can see that on average, there has been a 50% increase in resale value between 2007 and 2017. 4 Room HDB has seen an increase of about 71%, while 5 Room 49% and Executive flats 41%.
The graph shows the resale price per flat type and total average year-to-year. As the town continue to mature, new amenities and points of interest are built and formed. So it is not surprising to see the resale price to gradually rise. It is interesting however, to see ROH play a part from 2007 onwards as it was the year it started.
Will Tengah experience the same growth?
HDB’s newest town in over 20 years since Punggol, Tengah will no doubt be the new town to conquer the headlines in years to come. Located in the west, it is bounded by Choa Chu Kang and Jurong East. It will be HDB first ever car free and nature centric town. HDB envisioned Tengah to be a “Forest Town”, designed to be sustainable, green and full of smart features. There are already sayings that Tengah will be the next Punggol - but is it really?
Tengah, like Punggol started off with a blank state but Punggol town has established itself as a modern digital town with plans to make it the next digital district. While Tengah has position itself a green town, those who likes nature and lush greenery. Therefore the appeals of each town are different. It took years for Punggol town to be built up as it is today and it could take the same for Tengah to do the same. Furthermore, the Jurong Region Line will potentially inject capital appreciation of the area of Tengah.
All in all, with Punggol featuring a Waterfront Living, Punggol Digital District and North East Line MRT Line it is able to command a high resale price. In time with Tengah featuring a Forest Town, Jurong Innovation District and Jurong Region MRT Line, we believe it too can provide a near similar growth or even higher as Jurong East is envisioned to be Singapore’s second CBD.
Will million dollar HDB flats be new new norm?
Over the years, HDB flats reaching close or at the $1 million mark has dominated the property headlines. Seeing HDB flats sold at that price seems bewildering. Many will wonder whether HDB mean affordable housing anymore? And will we expect to see million dollar HDB becoming the norm, potentially competiting with the Private Property market?
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